Gold climbs to new high; silver surges

Mumbai: Gold continued its north-bound journey to breach its overnight peak on the back of sustained buying spree by stockists and speculators in view of wedding season as well as firming trend in the overseas markets.

Silver also shot up on persistent industrial buying.

Standard gold (99.5 purity) rose byRs 185 per ten grams to end at an all-time high of Rs18,660 from overnight closing level of Rs18,475.

Pure gold (99.9 purity) also finished by a similar margin to a fresh historic high of Rs18,745 from Rs18,560 previously.

Silver ready (.999 fineness) strengthened by Rs445 per kilo to Rs29,710 from Rs29,380.

Gold rose more than 1% in Europe over volatility in currency markets amid fears for the Euro prompting gold buying as safe haven.

Spot gold was bid at $1,212.85 an ounce early Wednesday as against $1,200.10 late in New York on Tuesday.

In the US, gold futures for June delivery rose by $15.30 to finish at $1,213.30 an ounce on the Comex division of the NYMEX.